Three Telugus named in ‘Panama Papers’

Three Telugus named in ‘Panama Papers’ - Sakshi Post

The ‘Panama Papers’, which was exposed by an investigation by the International Consortium of Investigative Journalists (ICIJ) and more than 100 other news organisations around the globe about the offshore links of some of the planet'smost prominent people, including over 500 from India, has been creating a buzz. Several global politicians and businessmen were named in the past few days in this regard. Joining the list are three people from Telugu states.

Moturi Srinivas:

It was known from the reports that Hyderabad-based Businessman Moturi Srinivas is working as the director for four international companies, which were registered in 2011. He has been working as the Executive Chairman and Managing Director of Nandan Cleantec Limited and as the owner of SICA Securities. Prasad who is known for having 12 more companies was arrested in 2012 April 2, for illegal assets in biodiesel case and is now out on bail. However, Moturi Srinivas Prasad said the off-shore entities were started as one dollar companies with the hope of doing business, but were closed.

Bhavanasi Jaya Kumar:
Bhavanasi Jaya Kumar, hailing from Hyderabad has been working as the Director of Nandan Technologies limited, S D Ventures, Grand Bay Canal Limited along with Prasad and Bhaskar. Nandan technologies was started in 2008 and in 2015, Grand Bay Canal was started. Jaya Kumar is also the Director of six other companies associated with Nandan Technologies. Speaking about this, Bhavanasi Jaya Kumar said he had nothing to do with offshore companies.

Bhaskar Rao:
Bhaskar Rao has been working as the Managing Director of Nandan Technologies and associated companies. He also worked as the co-owner of SICA Securities and as the promoter for Nandan Cleantec Limited. Ever since he retired, he has been staying in Britain.

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